5 Steps to starting your 2014 Marketing Plan

5 Steps to starting your 2014 Marketing Plan

“A man who stops advertising to save money is like a man who stops a clock to save time.” – Henry Ford

Welcome to 2014!  There will never be a better time to focus on promoting your business than now!  The sooner you start marketing the faster you will see results.  According to Wikipedia, “Marketing is the process of communicating the value of a product or service to customers…”  It is the one activity that most directly affects the amount of recognition and sales that a company gets and this determines the level of profitability.  Are you interested in creating a visible professional image in the marketplace, more qualified leads, a higher conversion rate, increased sales, and stronger customer relationships?

So, where do you begin?

1. Take the first step and DECIDE if you want help – If your staff lacks experience, isn't qualified, or has no time, and you can’t afford to hire and train new staff, consider outsourcing.
2. RESEARCH your market – Even for the smallest marketing efforts, knowing your market is essential to making informed decisions.
3. CREATE your plan –Whether it is a full blown marketing plan or you’ve decided to take simpler steps, each campaign needs a plan.  Be creative and aggressive but make sure your plan is achievable. 
4. IMPLEMENT the campaigns – Start at the beginning and move forward with your ideas.  Most aspects of your business success depend on the execution of your marketing.  Marketing functions go beyond sales and advertising into areas that affect all aspects of a product's characteristics and how it gets to market. This is the most time consuming and difficult part of this process.  Consistent, regular, and reliable messages are essential to positive results. Whether you start small with a simple email marketing campaign or social media campaign, or you start with a comprehensive marketing plan, the importance of a marketing plan to the success of your business is immeasurable, or rather very measurable.
5. TRACK the results and REEVALUATE the plan – Even the best laid plans are inadequate without a tracking and measuring system.  Not every marketing campaign you launch will be successful.  You need a way to determine which marketing efforts are wasting your time and money.  Therefore, track marketing efforts so you can reinvest more of your budget into campaigns that generate positive ROI.  Don’t throw away your money on ineffective marketing. 

       Though it does take some smart ideas and thoughtful execution, marketing can be simple and incredibly cost-effective.  If you’d like to get off on the right foot this year, call Benchmark and let’s talk about your marketing needs.

Tina Peek

Marketing Coordinator

Benchmark Administrative Support Services

Business Productivity with Office 365

Business Productivity with Office 365

There are many businesses still using antiquated email systems and old Office applications.  Microsoft has provided an excellent low cost solution and process that will allow a business to easily begin utilizing current technology applications and features.  Moving your email to Office 365 provides a full suite of business applications and resources that will allow your business to organize and consolidate communications and file management access via a single web portal.  All resources can be available securely outside of the office.  This is typically a recommended first step to begin upgrading a business’s network which immediately enables the tools to organize company information with Sky Drive Pro and SharePoint Online.

“I personally enjoy consulting technology solutions for small and medium businesses.  As a Microsoft Cloud Accelerate Partner and Systems Engineer, I have successfully migrated many businesses to Office 365 services.  Once you are working with this solution you are able to fully utilize the added benefits of Sky Drive Pro, Lync, SharePoint, Office Web Apps, and Office 2013 Pro Plus.  These application significantly provide resources that will help a business streamline processes and productivity.  Office 365 deployments continue to be a great success story for RJW Enterprises LLC.  Feel free to add Partner ID 713563 on the subscriptions and I will help you get started on the right track and prepare you for the next steps.  Below are informational links with additional details and information on Office 365.  Contact me with any questions. Thank you.” - Rob Waples

Related Information Links:
http://office.microsoft.com/en-us/?CTT=97
http://www.whymicrosoft.com/
http://office.microsoft.com/en-us/business/compare-office-365-for-business-plans-FX102918419.aspx
http://office.microsoft.com/en-us/business/what-is-office-365-for-business-FX102997580.aspx

Partner Services:
There are Microsoft Office 365 plans to choose from and the best way to identify which is best for your business is to consult with a Microsoft Cloud Partner.

RJW Enterprises LLC is a Microsoft Cloud Accelerate Partner and an active and qualified member of Microsoft’s “Cloud Champion Club Partners”.  This entitlement represents advanced partner experience and validates technical abilities with Microsoft Cloud Services.

RJW Office 365 Email Transition Services Include:

• Partner managed account services
• Analysis of existing mail service and Outlook settings 
• Initial account configuration of Office 365 services and partner of record assignment
• Domain name verification and DNS association procedures for Microsoft Office 365
• Office 365 user mailboxes configuration
• Mailbox synchronization from existing Outlook to Office 365 Exchange mailboxes
• DNS management and DNS record configuration changes
• Schedule and manage services cut-over
• Final mailbox synchronization and verify services are operational 

Robert J. Waples, the owner of RJW Enterprises LLC, is a dedicated IT and networking professional with cutting-edge expertise in the latest technology.  RJW Enterprises LLC is a full-service IT consulting firm that provides comprehensive, cutting-edge IT and networking solutions to a select group of business clients. For over 10 years we have developed cost-effective IT solutions that meet each client’s computing needs while maximizing return on investment.

Getting your Customers to Pay-Up: Part 2

Getting your Customers to Pay-Up: Part 2
Tips for Collecting from Non-Paying Clients
by Caron Beesley

At some or several points in every business owners life, you can expect to deal with a non-paying or slow-paying customer. In my earlier post - Getting your Customers to Pay-Up - Part 1: Tips for Protecting Yourself from Non-Paying Clients - I outlined some measured approaches that your small business can put in place to protect it from the potential scenario of having to deal with a non-paying client.

But what if, despite these measures, you are confronted with a client that simply won't pay-up on time or at all? Here are some options your small business might consider for collecting or pursuing client debt.

Pursuing Payments - Have a Collections Plan to Fall Back On

We all want to get paid, but no one wants to lose a client - even if you never work with them again, you want to maintain your good reputation. So it's worth putting some thought to a structured and methodical collections plan for your small business. Here are some pointers:

1. The Soft Approach
Re-bill overdue bills immediately - As soon as your first bill is past due, re-bill promptly as a gentle reminder. Alternatively send a monthly statement with the amount-owed (with interest) clearly labeled as past due.
Know the book keeper and maintain a cordial tone - If a payment is past-due, make a point of seeking out and ask to be connected to Accounts Payable (call the client front desk or operator). Check whether the invoice was received and if you can help in any way. All the while maintain a steady and friendly relationship. Don't hang up until you get a verbal agreement confirming when the payment will be made. Follow-up over e-mail confirming the conversation and maintain a paper trail.
Never apologize - Stick to your guns and never apologize for chasing payment or even consider bargaining, no matter how much empathy you feel for a client who is struggling financially or otherwise.

2. The Legal Approach
If your cordial approach has failed and the invoice runs past due more than 60 days, you might want to consider offering a payment plan. Alternate options include working with an attorney to issue a demand payment letter or filing with a small claims court. The latter is a cheaper option since a lawyer need not be involved.

What to Do if your Client Goes Bankrupt

If your client shows signs of going bankrupt, consult an attorney and always file a proof of claim. Warning signs that bankruptcy might be in the cards for your client can include slow payment, lack of communication, adverse industry conditions, etc. Once bankrupt, the debtor has the benefit of an automatic stay immediately upon filing a bankruptcy petition. This stops you from taking any further action to try to collect the debt unless, or until, the bankruptcy court decides to the contrary.

About the Author
Caron Beesley is a small business owner, a writer, and marketing communications consultant. Caron works with the SBA.gov team to promote essential government resources that help entrepreneurs and small business owners start-up, grow and succeed.

This article was quoted from sba.gov.

Getting your Customers to Pay-Up: Part 1

Getting your Customers to Pay-Up:  Part 1
Tips for Protecting Yourself from Non-Paying Clients

by Caron Beesley

As sure as eggs are eggs every business owner can expect to deal with a non-paying or slow-paying customer at least once in their business lives. The trouble is that many of us, eager for new business and income, overlook the fact that it invariably will happen to us.

For freelancers or independent contractors, having to deal with a non-paying client can be particularly challenging. "Good faith" or loosely structured scope-of-work agreements are a common way for freelancers to engage in business.

However, these are easily subject to abuse and provide little legal recourse when your client doesn't pay-up on time. Likewise small business providers of project based services, which could include anything from accounting services to handyman services, are equally vulnerable to non-paying clients. And without the advantage of a professional in-house collections department, the cash flow implications and task of collecting debt falls squarely on the shoulders of the business owner.

So if you are starting a business or have been in business for a while and have had enough of dealing with late- and non-paying clients, here are some tips for preventing and handling this troublesome issue.

Before You Agree to any Work - Develop a Payment Policy and Discuss it with Your Client

Consider developing a part-payment policy for project-based services. A professional and serious client should not mind paying half upfront (before any work is done) and the remainder on completion of the work. If they quibble, you have room to negotiate the percentage, but try to secure 50 percent of your fee upfront if you can. Invoicing terms should also be agreed in advance. If your client is a consumer, be aggressive with your final payment terms - 7-10 days upon receipt of invoice is normal. For business clients (B2B), the industry standard these days is 30 days, but many companies can deliver within 15 days, particularly the nimbler smaller business clients, so don't be afraid to ask and negotiate.

If you are lucky enough to win a "retainer-based contract" with a customer - i.e. you set-aside an agreed upon amount of hours each month at a flat fee, usually on a use-it-or-lose-it basis you may want to offer a discount off your hourly rate. Retainers tend to be easier for freelancers and small businesses to handle and the work is often more predictable in nature than one-off jobs. In addition, the usual business admin tasks such as proposal writing are eliminated. If your client doesn't use the hours, the retainer agreement should stipulate that they still pay for those hours, although you may want to be flexible considering that the hours used often even out over time.

Consider a Late Payment Fee

If you choose to implement this "incentive" to payment, be sure to state it clearly in your contract or payment policy before doing any work (the law actually requires this in order to avoid violation of the Truth-in-Lending Act). Typically, late fees are a percentage of the total bill (usually 2 percent). If you feel the need to fall back on this when late payment occurs, let your client know that you are moving forward with this practice.

Also be aware that interest charged on late payments may be subject to state usury laws limiting the amount of interest that can be charged. If the maximum amount of interest is exceeded, the debt may be forfeited and a penalty assessed.

Check what laws apply within your state.

----

Look out for part two in this series, which will outline options your small business might consider for collecting or pursuing client debt.

About the Author

Caron Beesley is a small business owner, a writer, and marketing communications consultant. Caron works with the SBA.gov team to promote essential government resources that help entrepreneurs and small business owners start-up, grow and succeed.

This article was quoted from sba.gov.

2013 General Tax Review

2013 General Tax Review


Beau Diepold, CPA, of Diepold & Associates, LLC provides a brief overview of the "American Taxpayer Relief Act (ATRA) of 2012," the "Affordable Care Act (ACA)," and a general tax review for 2013.






Selected Items First Effective in 2013:
Selective Provisions of the “American Taxpayer Relief Act (ATRA) of 2012”

1. Top Individual Tax Rate, Effective For Tax Years Beginning After 2012: The top statutory income tax rate increased from 35% to 39.6 on taxable income exceeding:
   
   

   $450,000 for joint filers $400,000 for single filers $425,000 for head of household, and $225,000 for married individuals filing separately

   
   
2. Long-Term Capital Gain & Qualified Dividend Income Tax Rates, Effective Tax Years Beginning After 2012:
   

   	Joint Returns	Single
   	0%	Up To $72,500 $36,250
   	15%	From/To $72,501 to $450,000 $36,251 to $400,000
   	20%	More Than $450,000 $400,000

   
   
3. Itemized Deduction Phase-Outs, Effective Tax Years Beginning After 2012 – Beginning in 2013, itemized deductions (other than medical expenses, investment interest, gambling losses, casualty losses, and theft losses) will be generally reduced by 3% of adjusted gross income in excess of the following thresholds:

   $300,000 for joint filers $250,000 for single filers $275,000 for head of household, and $150,000 for married individuals filing separately

   
   
4. Personal Exemption Phase-outs, Effective Tax Years Beginning After 2012 – Each personal exemption will be reduced by 2% for each $2,500 (or part of $2,500) of AGI in excess of the thresholds:

   From $300,000 to $422,500 for joint filers From $250,000 to $372,500 for single filers From $275,000 to $397,500 for head of household, and From $150,000 to $211,250 for married individuals filing separately

   
   
5. Maximum Estate, Gift and Generation Skipping Tax Rate - For estates of decedents dying after 2012 and for gifts and generation-skipping transfers after 2012, the maximum estate and gift tax rate, and the generation skipping tax rate are increased from 35% to 40%
   

Selective Provisions of the “Affordable Care Act (ACA)”

1. 9% “Additional Medicare Tax” on W-2 Income of Higher-Income Individuals – Generally, for W-2 wages received after 2012, the ACA imposes a .9% Additional Medicare Tax on the amount by which an individual’s W-2 wages exceed: a.) $250,000 if married filing a joint return, b.) $125,000 if married filing separately, and c.) $200,000 for other individuals. Form 8959.
   
   
2. Employer Only Required to Withhold on Wages in Excess of $200,000 – For wages paid after 2012, an employer is required to withhold the .9% Additional Medicare Tax on the amount of wages an employee receives in excess of $200,000 (regardless of the employee’s filing status).
   
   
3. “3.8% Net Investment Income Tax (NIT)” Imposed on Individuals – Effective for tax years beginning after 2012, Section 1411 imposes a 3.8% NIT on the lesser of:
   
   
   1. an individual’s "net investment income" or
      
   2. the individuals modified adjusted gross income in excess of:
      
   3. $250,000 if married filing joint
      
   4. $125,000 if married filing separately, and
      
   5. $200,000 for other individuals. Form 8960.
      
      
4. Deduction Threshold for Medical Expenses Raised From 7.5% to 10% of AGI – Beginning in 2013, the deduction threshold for medical expenses on Schedule A is increased from 7.5% of AGI to 10% of AGI unless the taxpayer or the taxpayer’s spouse is age 65 or older by the end of the year.
   
   
5. Annual Contributions to Health FSAs Capped at $2,500 – Starting in 2013, the Health Care Act requires that cafeteria plans cap the annual salary reduction contribution to a health FSA at $2,500. The $2,500 cap will be adjusted for inflation after 2013.

Selected Items First Effective in 2014:
Selective Provisions of the “Affordable Care Act (ACA)”

1. Shared Responsibility Penalty (“Excise Tax”) for Individuals Failing to Carry Health Insurance (Individual Mandate) – ACA generally requires individuals to pay an excise tax for each month beginning after 2013 for which they do not have “qualified health plan” coverage for themselves and their dependents, unless they qualify for an exemption from the tax. 

For 2014 – 1/12 of Greater of:

• $95 per uninsured adult and $47.50 per uninsured person under age 18 with maximum penalty of $285, or
• 1% of taxpayer’s “household income” in excess of Form 1040 filing threshold (For 2014 - $20,000 for joint filers under age 65 and $10,000 for single filers under age 65)

For 2015 – 1/12 of Greater of:

• $325 per uninsured adult and $162.50 per uninsured person under age 18 with maximum penalty of $975, or
• 2% of taxpayer’s “household income” in excess of Form 1040 filing threshold

After 2015 – 1/12 of Greater of:

• $695 per uninsured adult and $347.50 per uninsured person under age 18 with maximum penalty of $2,085, or
• 2.5% of taxpayer’s “household income” in excess of Form 1040 filing threshold

1. Refundable “Premium Assistance Credit” (PAC) for Low and Middle Income Taxpayers – ACA provides for a refundable tax credit (the “premium assistance credit” or “PAC”) for eligible individuals who purchase health insurance through a qualified health insurance exchange.
   
   Married individuals must file a joint income tax return to be eligible for the credit.
   
   Taxpayers Must File Return and Reconcile Premium Assistance Credit – Every taxpayer who receives advance payments of the PAC generally must file an income tax return for the year for which advance payments were received by April 15th of the following year. A taxpayer will be required to reconcile a.) the amount of the PAC allowed, with b.) the “PAC advance payments” made directly to the insurance company. The reconciliation will be reflected on the taxpayer’s income tax return for the taxable year of the PAC (presumably the IRS will develop a new form for this reconciliation). If a taxpayer’s “actual PAC” for the taxable year exceeds the taxpayer’s “PAC advance payments,” the taxpayer may receive the excess as a refundable credit. On the other hand, if a taxpayer’s “PAC advance payments” for the taxable year exceed the taxpayer’s “actual PAC,” the taxpayer will owe the excess as an “additional income tax liability.”

General Tax Review for 2013:
2013 Tax Rate Tables:
Married Individuals Filing Joint Returns
If Taxable Income Is: The Tax Is:

Not over $17,85010% of the taxable income Over $17,850 but not over $72,500 $1,785 plus 15% of the excess over $17,850 Over $72,500 but not over $146,400 $9,982.50 plus 25% of the excess over $72,500 Over $146,400 but not over $223,050 $28,457.50 plus 28% of the excess over $146,400 Over $223,050 but not over $398,350 $49,919.50 plus 33% of the excess over $223,050 Over $398,350 but not over $450,000 $107,768.50 plus 35% of the excess over $398,350 Over $450,000 $125,846 plus 39.6% of the excess over $450,000

Unmarried Individuals
If Taxable Income Is: The Tax Is:

Not over $8,925 10% of the taxable income Over $8,925 but not over $36,250 $892.50 plus 15% of the excess over $8,925 Over $36,250 but not over $87,850 $4,991.25 plus 25% of the excess over $36,250 Over $87,850 but not over $183,250 $17,891.25 plus 28% of the excess over $87,850 Over $183,250 but not over $398,350 $44,603.25 plus 33% of the excess over $183,250 Over $398,350 but not over $400,000 $115,586.25 plus 35% of the excess over $398,350 Over $400,000 $116,163.75 plus 39.6% of the excess over $400,000

2013 Standard Deduction Amount:
Married Individuals Filing Joint Returns - $12,200
Unmarried Individuals - $6,100 

2013 Itemized Deduction Beginning AGI Phase-Out Threshold:
Married Individuals Filing Joint Returns - $300,000
Unmarried Individuals - $250,000  2013 Personal Exemption Amount - $3,900  2013 Personal 

Exemption Beginning AGI Phase-Out Threshold:
Married Individuals Filing Joint Returns - $300,000
Unmarried Individuals - $250,000

2013 Maximum IRA Contribution:
Maximum contribution limit for traditional & Roth IRAs - $5,500
Age 50 or older by end of year - $6,500

2013 Phase-Out Range for Roth IRAs:
Married Individuals Filing Joint Returns - $178,000 to $188,000
Unmarried Individuals - $112,000 to $127,000

2013 Maximum 401(k) Elective Deferral: 2013 Maximum SIMPLE Deferral Amount:
Under Age 50 - $17,500 Under Age 50 - $12,000
Age 50 or Older - $23,000 Age 50 or Older - $14,500

2013 Estate and Gift Tax Amounts:
Maximum Estate & Gift Tax Rate – 40%
Annual Exclusions for Gifts - $14,000
Value of Unified Credit if Used Against Estate Tax - $5,250,000
FICA Wage Base - $113,700 for 2013 and $117,000 for 2014
Section 179 Limitations - $500,000 for tax years beginning in 2013 and $25,000 for tax years beginning in 2014

2013 Optional Auto Mileage Deduction – 56.5 cents

Should you have any questions about the information contained above, please contact Beau Diepold, CPA at (410) 598-6379.

About the Author
Beau Diepold is a certified public accountant since 1998. He has been employed in the field of public accounting 1996. He lives in Abingdon with his wife, Natalie and their two sons.

Work Smarter, Not Harder.

It's quite simple really. Just think of Benchmark as an extension of your office... a well-equipped department of experienced professionals who care about your organization as much as you do. Outsourcing your administrative responsibilities to Benchmark guarantees you receive exceptional attention and performance, while paying for just the services you need, when you need them. There's no need to purchase additional office space, equipment or software, or hire and train new employees. Instead, get Benchmark!

Call your Benchmark representative today to discuss your businesses administrative challenges. For a complimentary consultation and assessment, call 410.893.6779 or email info@getbenchmark.com.

How Will The New Affordable Care Act Affect You?

For years small business owners have been hearing about President Obama's new health care law, the Affordable Care Act. Members of Congress and the media have been screaming for health care reform and new phrases like the "Patient's Bill of Rights" have been splashed all over the news, but what does all of this mean for small business owners?

The Small Business Administration has written a variety of helpful articles which outline how the Affordable Care Act will impact small businesses of all sizes, including:

• Self Employed 
• Employers with Fewer Than 25 Employees 
• Employers with Up to 50 Employees 
• Employers with 50 or More Employees 

Looking for more insight about how the Affordable Care Act will affect your small business and your employees? This free webinar series from the Small Business Administration will help you understand key pieces of the law and what you should know about tax credits, cost containment and more. Get the facts you need to know and be prepared for changes impacting your business and your employee’s medical benefits by registering for one of these free webinars.